Cleary Gottlieb Steen & Hamilton has handed its newly-qualified (NQ) solicitors a 9 per cent pay rise.
NQs at the US firm will now be paid £105,000 – up from its 2015 salary of £96,000.
The salary for first-year trainees has risen by an even greater amount with a 14 per cent rise from £42,000 to £48,000. Second years now take home £52,000.
Last month, the firm announced that it was keeping on all nine of its qualifying trainees.
Further up the seniority scale, associates of 1PQE will also receive £105,000.
Lawyers of 2PQE not get £112,000 and 3PQEs take home £125,000.
Despite the large pay increases, Cleary, which currently has 18 trainees, does not come close to matching the top of the market, where the likes ofCadwalader Wickersham & Taft, Kirkland & Ellis, Milbank Tweed, Latham & Watkins and Davis Polk now pay NQs in the region of £124,000, matching the spate of New York salary rises instigated by Cravath Swaine & Moore in June.
How much are you worth? Find out in The Lawyer’s Salary Survey 2016